Bilibili Inc ADR

BILI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$28.00	Pfqhp	Zzpcfxsrj

Bilibili: New Game a Win, but Advertising Holds the Key to Long-Term Success; Shares Undervalued

Ivan Su

Aug 23, 2024

Bilibili’s second-quarter earnings exceeded our expectations, and management provided upbeat guidance for the third quarter following the successful launch of its new mobile game. We lifted our near-term estimates but leave the bulk of our long-term assumptions intact, as the success of one game doesn’t change our long-term outlook for Bilibili’s game business. As a result, we maintain our USD 34 (HKD 266) per share fair value estimate and view shares as undervalued.

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